Seaweed Producers Seek Substantial Funding

by
Ellen Hardy

1 May 2008, at 1:00a.m.

PHILIPPINES - Seaweed farmers and processors in Western Mindanao are eyeing a P100-million loan facility from the P2-billion "One Town, One Product" (OTOP) credit program of the state-run Development Bank of the Philippines (DBP).

"With the increase in the cost of seaweed farm inputs, farmers are in dire need [of financial support]," said Hadji Adam S. Omar, chairman of the Western Mindanao Seaweed Foundation in the GMA News.

Seaweed farmers now spend P40,000-P53,000 for a single raft used for farming seaweed and industry leaders said production cost tripled compared with farm input costs eight years ago.

In a forum with DBP officials, seaweed processors and farmers associations in this city and the island province of Tawi-tawi said they would avail of credit from the bank. DBP Assistant Vice-President Joaquin E. Gelvezon told the seaweed stakeholders here that the bank is willing to fund as much as 90% of the project cost.